Tips for Tackling High Employee Turnover

 

All companies have employee turnover. It’s a fact of life. Employees are recruited elsewhere, some have developed a skill set that allows them to explore other opportunities, some retire. That’s all normal. What’s not normal? A mass exodus of unhappy staffers going to your competitors.
High employee turnover not only affects employee morale, it can hurt your company’s bottom line. According to the Wall Street Journal, experts estimate it costs nearly twice an employee’s salary to find and train a replacement. Let that sink in for a moment. TWICE, the employee’s salary.
Want to minimize employee turnover? Here are a few tips to get you started:

  1. Hire the right people.

It sounds so simple, but it’s the truth. The single best way to reduce turnover is to use the proper resources to vet candidates. You want potential employees to have the right skills and jive with the existing company culture. If you’re strapped for capacity or are fearful of a poor hire, outsource to a recruiter, it will be worth it in the long run.

  1. Treat Your Employees Fairly.

I know, it’s another captain obvious moment, but you’d be surprised how long talent will stay if they feel that they’re being treated fairly and looked after by the organization they work for. What’s fair you ask? It starts with setting the right compensation and benefits packages. Make sure you’re working with HR to get data on industry pay packages and are willing to pay accordingly for talent and fit.

  1. Get creative with benefits. It’s important to pay attention to employees’ personal needs and offer more flexibility where you can. Telecommuting, compressed schedules or on-site or back-up day care are all highly sought-after perks. If you can’t tackle those, think about how you can address culture by making the office casual or allowing for summer Fridays allowing employees to leave an hour or two early.

 

  1. Be Positive and avoid politics. Awards, recognition and praise might just be the single most cost-effective way to maintain a happy, productive work force. So often managers overlook the power of positive reinforcement. Don’t underestimate how important a positive work environment is for staffers, and how far meaningful recognition and praise from managers can go to achieve that.

 

  1. Provide a clear path. Good employees want to know where they are headed and how they might be able to get there. Reviews, check-ins and day to day conversations can help bolster these discussions, but makes sure your managers also encourage their staff to come to them with career questions…any time.

Retaining talent isn’t rocket science, but it does take clear and intentional effort. We hope you agree that it’s worth the effort in the long run, both to your bottom line and to the success of your organization.

 

All companies have employee turnover. It’s a fact of life. Employees are recruited elsewhere, some have developed a skill set that allows them to explore other opportunities, some retire. That’s all normal. What’s not normal? A mass exodus of unhappy staffers going to your competitors.
High employee turnover not only affects employee morale, it can hurt your company’s bottom line. According to the Wall Street Journal, experts estimate it costs nearly twice an employee’s salary to find and train a replacement. Let that sink in for a moment. TWICE, the employee’s salary.
Want to minimize employee turnover? Here are a few tips to get you started:

  1. Hire the right people.

It sounds so simple, but it’s the truth. The single best way to reduce turnover is to use the proper resources to vet candidates. You want potential employees to have the right skills and jive with the existing company culture. If you’re strapped for capacity or are fearful of a poor hire, outsource to a recruiter, it will be worth it in the long run.

  1. Treat Your Employees Fairly.

I know, it’s another captain obvious moment, but you’d be surprised how long talent will stay if they feel that they’re being treated fairly and looked after by the organization they work for. What’s fair you ask? It starts with setting the right compensation and benefits packages. Make sure you’re working with HR to get data on industry pay packages and are willing to pay accordingly for talent and fit.

  1. Get creative with benefits. It’s important to pay attention to employees’ personal needs and offer more flexibility where you can. Telecommuting, compressed schedules or on-site or back-up day care are all highly sought-after perks. If you can’t tackle those, think about how you can address culture by making the office casual or allowing for summer Fridays allowing employees to leave an hour or two early.

 

  1. Be Positive and avoid politics. Awards, recognition and praise might just be the single most cost-effective way to maintain a happy, productive work force. So often managers overlook the power of positive reinforcement. Don’t underestimate how important a positive work environment is for staffers, and how far meaningful recognition and praise from managers can go to achieve that.

 

  1. Provide a clear path. Good employees want to know where they are headed and how they might be able to get there. Reviews, check-ins and day to day conversations can help bolster these discussions, but makes sure your managers also encourage their staff to come to them with career questions…any time.

Retaining talent isn’t rocket science, but it does take clear and intentional effort. We hope you agree that it’s worth the effort in the long run, both to your bottom line and to the success of your organization.

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